Provisional Release conditions for imported fabric was modified and substituted Rs. 22 Lakh of Bank Guarantee with Bond

Shree Sai Impex Vs Principal Commissioner of Customs (Preventive) (Madras High Court) Conclusion: While securing the Revenue’s interest under Section 110A of the Customs Act, conditions for provisional release should not be unduly harsh. Requirement to furnish Bank Guarantee of ₹22 lakhs  was modified with execution of bond of Rs. 22 lakh. Held: Assessee had imported 24,893 kilograms of Viscose Knitted Fabric from China under a Bill of Entry. The goods reached Chennai Port and were moved to a SEZ warehouse. Assessee filed documents seeking clearance for home consumption. Customs authoriti...